Gifting Strategies

When Do You Have To File Your Gift Tax Return?

Gift tax returns are filed on Form 709 and are due on or before April 15 following the year you made the gift. In general, you need to file a gift tax return when you:

• Make any gift (including to charity) that exceeds $12,000 (other than to your spouse) or any gift that is not a present interest gift.

• Elect to gift split with your spouse. (Your spouse may not need to file a separate form if he or she did not make any gifts on his or her own.)

PLANNING POINTS:

• You can get an extension to file your return by filing a request for extension with the IRS. However, you must pay any tax due by April 15.

• Always keep copies of your gift tax returns.

If you want to elect gift splitting, file your returns before the IRS audits you, or you do not get the right to claim this benefit.